Baltic Exchange Market Report
CAPESIZE
The market enjoyed another solid day, with the BCI 5TC climbing by $1,315 to $26,888 as upward momentum was seen across the board. In the Pacific, all three miners were active at one stage, though one was later said to have withdrawn amid internal reshuffling. The C5 route continued its firm trend, supported by good overall volumes, with fixtures reported at $10.35 from the miners and later $10.60 paid by an operator. The C5 index rose a further $0.465 to $10.550.
The Atlantic also followed the same upward trajectory. On C3, bids were reported around $23.00 against offers in the mid $23s, with talk of
$23.35 being concluded, though this was believed to have been done yesterday. The North Atlantic appeared tighter, with increased demand and a firmer tone developing, amid reports of improved bids and offers, although details were not disclosed.
Atlantic
Polaris is reported to have fixed the Starbulk controlled Star Angie (177,932 2007) for 170,000/10 Tubarao to Qingdao 24/30 November at $23.35. Anglo is reported to have fixed a TBN for 170,000/10 Acu to Qingdao 11/15 December, further details have not come to light.
Asia
Rio Tinto fixed a TBN for 170,000/10 Dampier to Qingdao 21/23 November at $10.35. BHP fixed a TBN for 160,000/10 Port Hedland to Qingdao 22/24 November at $10.35. Cargill is reported to have fixed a Berge Bulk TBN for 160,000/10 Port Hedland to Qingdao 21/23 Nov at $10.60.
PANAMAX
A comparable narrative unfolded in the Panamax sector, with continued softening noted across the North Atlantic, while Asia offered a modest degree of support once again. Despite the BPI timecharter average posting a $211 uptick to settle at $16,351, sentiment in the northern Atlantic remained subdued amid sparse activity and limited visibility, as rates edged lower.
Further south, market chatter intensified around 1/10 December arrivals ex East Coast South America, though a wide bid/offer spread for index dates kept actual fixtures to a minimum. In Asia, the tone was largely steady, with most reported activity concentrated in the southern regions on shorter duration trips, where slightly firmer levels were agreed.
Australia maintained its supportive stance, and the prevailing firm sentiment looks set to carry through into the weekend. A couple of period rumours emerged, including reports of the Myrto C (81,011 2017) Phu My 8/9 November fixed basis 4/6 months at $16,000 with Norden, whilst ADMI were mentioned as charterer’s on the Pacific Iris (82,892 2025) Huanghua 7/8 November fixed basis 5/7 months at $17,500.
Atlantic
In the north came reports of the Athina L (81,358 2011) Brest 6 November fixed for a trip via US Gulf redelivery Tarragona at $15,500 with Quadra, whilst voyage news emerged of the Good Hope Max (76,739 2005) fixed for a 59,000/10 bauxite stem ex Kamsar to San Ciprian 17/23 November at $13.50 fio with Cobelfret.
In the south, the AM Jyoti (82,256 2020) Praia Mole 22 November was heard to have fixed but little else emerged, whilst the scrubber fitted Builder (81,541 2012) retro New Mangalore 2 November was heard fixed for a trip via EC South America redelivery SE Asia at $15,100 to Bunge.
Asia
An active Australian market included reports of the Prestige (95,709 2011) Kuantan 11/15 November fixed for a trip via Australia redelivery China at an unconfirmed rate in the high $ teens, whilst Pan Ocean were linked to the RG Rhea (81,577 2020) Hong Kong 11/15 November for a trip via Australia redelivery Vietnam however rate details remained under wraps. Similarly, the SDTR Gloria (84,998 2022) Jingtang 19 November fixed for a trip via Australia redeliver India but little else emerged.
SUPRAMAX
Yet another rather positional day for the sector. Demand was described as healthy from the US Gulf and some also felt an upward turn was seen from the South Atlantic, although again very little fixing leaked out.
The Continent-Mediterranean faired a little worse as fresh impetus was lacking and some said there was a good number of prompt vessels open.
From Asia, like the Atlantic, it depended on where a vessel was open. Increased upward pressure was seen from the south whilst the north remained finely balanced. A Nacks 64 open North China was heard to have been fixed for a NoPac round at $16,250 but no more details were forthcoming.
Elsewhere, the W-Lion (63,3028 2014) was heard to have been fixed basis delivery passing Singapore for a trip via Indonesia redelivery China at $15,800. The Peaceful Seas (63,331 2014) Gresik 9/12 November was heard fixed for a trip via Indonesia redelivery China in the high $16,000s with Fullinks. Also, the Horizon Vega (58,129 2009) Campha was fixed for a trip redelivery Bangladesh with clinker at $18,500 to Inmar. The 11TC average closed up slightly by $63 to finish at $16,578.
HANDYSIZE
The market experienced another subdued day, with soft sentiment prevailing across regions. The BHSI dropped by 5 points to 815 while the 7TC average fell by $101, closing the day at $14,662. In the Atlantic, overall fundamentals remained weak as tonnage supply continued to outweigh demand.
Across Asia, trading was similarly quiet with limited fresh inquiry, and rates continue to slip below the last done levels.
On the period front, the Paiwan Champion (39,571 2025 Namura) was reportedly fixed for two years for delivery in late January at around 120.5 percent of the BHSI index, though further details remained unconfirmed.
Atlantic
In the US Gulf, the Betty (36,892 2011) was fixed by Bunge for a trip from the Mississippi River to Morocco at around $18,000, while the Nava Socrates (32,484 2012) was taken by Clipper for a trip from the Mississippi River to Venezuela at around $17,000.
From the South Atlantic, the Qing Feng Ling (34,472 2013) was heard placed on subjects for delivery Santos for a trip to the Continent at
$16,250 with Summit, while another handysize vessel was reportedly fixed delivery Recalada for a trip to South Africa at $17,000. A 40,000 unit was also heard fixed for a trip via the Black Sea to West Africa (Nigeria) at around $15,000, though details remained scarce.
Asia
The Centurion Mevia (38,002 2021) open CJK 6/8 November was heard placed on subjects for an Australian round trip at $12,000. The Berge Phan Xi Pang (37,739 2017) open Zhangzhou 6 November was also placed on subjects for a trip to Southeast Asia at a similar rate of $12,000, with limited additional information available.
BALTIC INDICES 06/11/2025
DRY INDEX: 2063 (+ 60)
| CAPESIZE | INDEX: | 3242 (+ 158) |
| PANAMAX | INDEX: | 1817 (+ 24) |
| SUPRAMAX | INDEX: | 1312 (+ 5) |
| HANDYSIZE | INDEX: | 815 (- 5) |
BCI TC AVG $/DAY 26888 (+ 1315)
BPI82 TC AVG $/DAY 16351 (+ 211)
BSI TC AVG $/DAY 16578 (+ 63)
BHSI TC AVG $/DAY 14662 (- 101)
TIMECHARTER
‘Ocean Aphrodite’ 2011 93145 dwt dely Taichung 8/9 Nov trip via Indonesia redel Vietnam $17,000 – NYK
‘Ellina’ 2008 82612 dwt dely Quanzhou 7/10 Nov trip via Indonesia redel South China $18,000
‘XH Sunshine’ 2025 82600 dwt dely Wakayama 7 Nov trip via NoPac redel Singapore-Japan $19,000 – <Scrubber benefit to Charterers>
‘Braveheart I’ 2007 82471 dwt dely Hazira 10 Nov trip via South Africa redel India $18,250 – S Bulk
‘BBG Journey’ 2017 82204 dwt dely Qinzhou 8 Nov trip via Australia redel Japan $18,250 – Jera
‘Shandong Xin You’ 2025 82151 dwt dely Hong Kong 8/10 Nov trip via EC Australia redel South China $17,500
‘Yangze 21’ 2012 82122 dwt dely Port Kelang 5 Nov trip via Indonesia redel South China $21,000
‘W-Original’ 2012 81874 dwt dely Cai Lan 5 Sep trip via Indonesia redel South China $17,250
‘Crimson Ark’ 2016 81765 dwt dely Xingang 6/7 Nov trip via Australia redel India $16,500 – Kline
‘Yangze 12’ 2019 81664 dwt dely Mariveles 11 Nov trip via Indonesia redel South China $19,500
‘Hydrus’ 2011 81601 dwt dely Lianyungang 5 Nov trip via NoPac redel SE Asia $15,500 – Bunge
‘Ikan Beliak’ 2020 81596 dwt dely retro Haldia 28 Oct trip via EC South America redel Singapore-Japan $17,750 – Olam Intl
‘BBG Beihai’ 2019 81572 dwt dely New Mangalore
8/12 Nov trip via South Africa redel India $19,900 – Kline
‘Builder’ 2012 81541 dwt dely retro New Mangalore 8/12 Nov trip via EC South America redel SE Asia $15,100 – Bunge
‘Athina L’ 2011 81358 dwt dely Brest 6 Nov trip via US Gulf redel Tarragona $15,500 – Quadra
‘Aquavita Trader’ 2016 81112 dwt dely Reihoku 13/16 Nov trip via North China redel Japan $18,500
‘Aljazi’ 2020 80618 dwt dely retro PMO 23 Oct trip via EC South America redel Singapore-Japan $19,000 – Glencore – <Scrubber benefit to Chart>
‘Bettys Love’ 2008 77171 dwt dely Yantai 7/13 Nov trip via Kalama redel Singapore-Japan $14,250 – Oldendorff
‘Kona Trader’ 2007 76596 dwt dely Kunsan 7/8 Nov trip via Vancouver redel Japan $14,500 – WBC
‘Omicron Octo’ 2011 76334 dwt dely Port Dickson 13/16 Nov trip via Indonesia redel Philippines $20,000 option redel Hong Kong $22,000
‘Rui Ning 20’ 2013 75564 dwt dely Xiamen 9 Nov trip via Indonesia redel Philippines $17,000 – Cargill
‘Shen Hua 805’ 2014 75437 dwt dely Xiamen 8 Nov trip via Indonesia redel South China $17,000
‘Ocean Road’ 2012 75051 dwt dely Fuzhou 8/9 Nov trip via Indonesia redel South China $17,500
‘DSI Drammen’ 2016 63331 dwt dely Khor Fakkan spot trip via Salalah redel EC India $14,000 – <scrubber fitted>
‘Damon ‘ 2012 63277 dwt dely Bahodopi prompt trip via Indonesia redel China $16,000
‘Wu Xing 6’ 2011 56816 dwt dely Ningde prompt trip via Indonesia redel Cambodia $11,000
‘Densa Hawk’ 2013 36746 dwt dely Sao Luis prompt trip redel Norway $18,000 – WBC
PERIOD
‘Pacific Iris’ 2025 82892 dwt dely Huanghua 7/8 Nov 5/7 months redel worldwide $17,500 – ADMI
‘Myrto C’ 2017 81011 dwt dely Phu My 8/9 Nov 4/6 months redel worldwide $16,000 – Norden
VOYAGES ORE
‘TBN’ 170000/10 Dampier/Qingdao 21/23 Nov $10.35 ‘Star Angie’ 2007 170000/10 Tubarao/Qingdao 24/30
‘TBN’ 170000/10 Dampier/Qingdao 21/23 Nov $10.35 fio 90000shinc/30000shinc – Rio Tinto
‘Star Angie’ 2007 170000/10 Tubarao/Qingdao 24/30 Nov $23.35 fio 3 days shinc/30000shinc – Polaris
‘TBN’ 160000/10 Port Hedland/Qingdao 22/24 Nov
$10.35 fio 80000shinc/30000shinc – BHP
‘Berge Bulk TBN’ 160000/10 Port Hedland/Qingdao 21/23 Nov $10.60 fio 80000shinc/30000shinc – Cargill
MISC
‘Good Hope Max’ 2005 59000/10 bauxite Kamsar/San Ciprian 17/23 Nov $13.50 fio 24000shinc/150000shinc – Cobelfret
Baltic Exchange Index – 06 NOVEMBER 2025 Baltic Exchange Capesize 182 Index
| Route | Description Value Change | ||
| C8_182 182000mt Gib/Hamburg transatlantic RV | 29,639 + 1239 | ||
| C9_182 182000mt Cont-Med trip China-Japan | 51,000 + 828 | ||
| C10_182 182000mt China-Japan transpacific RV | 31,785 + 2367 | ||
| 314_182 182000mt China-Brazil round voyage | 28,277 + 650 | ||
| C16_182 182000mt Backhaul | 10,978 + 589 | ||
======================================================
C5TC 182 Weighted Timecharter Average 30,387 + 1354
Baltic Exchange Index – 06 NOVEMBER 2025
Baltic Exchange Capesize Index 3242 (+ 158)
Route Description Value ($) Change
| C2 | 160000mt Tubarao to Rotterdam | 11.669 + 0.200 | |
| C3 | 160-170000mt Tubarao to Qingdao | 23.432 + 0.264 | |
| C5 | 160-170000mt W Australia to Qingdao | 10.550 + 0.465 | |
| C7 | 150-160000mt Bolivar to Rotterdam | 13.675 + 0.300 | |
| C8_14 180000mt Gibraltar-Hamburg T/A RV | 26,075 + | 1262 | |
| C9_14 180000mt Conti/Med Trip China/Japan | 47,389 + | 972 | |
| C10_14 180000mt China/Japan T/P RV | 28,850 + | 2368 | |
| C14 180000mt China-Brazil RV | 25,273 + | 873 | |
| C16 180000mt N.China to Skaw-Passero | 7,322 + | 544 | |
| C17 170000mt Saldanha Bay to Qingdao | 17.972 + | 0.161 | |
5TC Weighted Timecharter Average 26,888 + 1315
Baltic Exchange Panamax 82500mt Index 06 NOVEMBER 2025
Baltic Exchange Panamax Index 1,817 (+ 24)
Route Description Value ($) Change
P1A_82 Skaw-Gib T/A RV 16,100 – 55
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 23,171 – 125
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 16,788 + 400
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 10,094 + 154
P6_82 Dely Spore Atlantic RV 16,007 + 406
====== ================================= =======
P5TC Weighted Timecharter Average 16,351 + 211
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
P5_82 S. China Indo RV 17,625 + 475
P7 66000mt Mississippi Rvr to Qingdao 53.743 – 0.128
P8 66000mt Santos to Qingdao 38.786 + 0.272
Baltic Exchange Panamax 82 Asia Index – 07 November 2025
Route Description Size (MT) Value($) Change
P5_82 S.China one Indo RV 17,997 +372
Baltic Exchange Supramax Index – 06 NOVEMBER 2025
Baltic Exchange Supramax Index 1312 (+ 5)
Route Description Value ($) Change
| S1B_63 | Cnkle trip via Med or Blsea to China-S.Korea | 21,238 – 220 | |
| S1C_63 | US Gulf trip to China-South Japan | 26,907 + 300 | |
| BS2_63 | North China one Australian or Pacific RV | 14,993 – 121 | |
| BS3_63 | North China trip to West Africa | 12,950 | 0 |
| S4A_63 | US Gulf trip to Skaw-Passero | 27,361 | + 907 |
| S4B_63 | Skaw-Passero trip to US Gulf | 12,914 | – 129 |
| BS5_63 | West Africa trip via ECSA to North China | 20,932 | + 107 |
| BS8_63 | South China trip via Indo to EC.India | 16,233 | – 34 |
| BS9_63 | W.Africa trip via ECSA to Skaw-Passero | 16,686 | + 72 |
| S10_63 | S.China trip via Indonesia to South China | 12,150 | + 7 |
| S15_63 | Indian Ocean trip via S.Africa to Far East | 14,996 | + 142 |
| ====== | ================================ | ==== | |
| S11TC | Weighted Timecharter Average 16,578 | + 63 | |
| S10TC | Supramax(58) Timecharter Average 14,544 | – 63 | |
Baltic Exchange Supramax Asia Index – 07 November 2025
Route Description Value($) Change
====== =============================== =======
S2_63 N.China one Austr or Pac RV 14,881 -112
S8_63 S.China via Indonesia/Ec India 16,257 +24
S10_63 S.China via Indo/S.China 12,194 +44
====== =============================== =======
S3TC Weighted Time Charter Average 14,501 -27
Baltic Exchange Index – 06 NOVEMBER 2025
Baltic Exchange Handysize Index 815 (- 5)
Route Description Value ($) Change
====== =============================================
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 11,471 – 79
HS2_38 Skaw-Passero trip Boston – Galveston 14,000 – 107
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 19,189 – 178
HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 19,564 – 379
HS5_38 SE Asia trip to Spore – Japan 14,193 0
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 12,738 – 31
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,475 – 19
====== ======================================== ======
7TC Weighted Timecharter Average 14,662 – 101
(c) Baltic Exchange Information Services Ltd., 2025
Global News 6th November 2025 The Slow Death of Russian Oil
Why Ukraine’s Campaign Against Moscow’s Energy Sector
Is Working
In considering the many effects of the war in Ukraine on the Russian economy, few suspected that fuel shortages would be one of them. After
all, Russia is an oil-rich country whose energy infrastructure is far from the frontlines; for most of the war, it has been Ukraine, not Russia, whose energy grid has been in the line of fire. Yet since August, when Ukraine began a concerted campaign to strike oil refineries deep inside Russia, fuel shortages have come to preoccupy Russians. By late October, Ukrainian drones had hit more than half of Russia’s 38 major refineries at least once. As a result, Russia went from processing about 5.4 million barrels of oil per day in July to processing roughly 5 million barrels per day in September. Production outages spread across multiple regions, and some Russian gas stations began rationing fuel. By late October, additional strikes, including at refineries in Ryazan and Saratov, further underscored the reach of Ukraine’s campaign.
With such results, it may be tempting to conclude that Ukraine is on the verge of breaking Russia’s oil industry. But that is not the case. Despite the serious damage they are causing, the attacks are unlikely to change Moscow’s resolve in the near term. For the time being, the Russian refining sector still has enough resilience, because of both its substantial surplus capacity as the world’s third-largest refining system and its ability to repair damaged units quickly. The Russian government also has a variety of tools it can use to maintain a relative equilibrium. Moreover, for Ukraine, there is also the risk that the campaign will cause Moscow to step up its own attacks on Ukrainian infrastructure and energy systems as the country enters the fourth winter of the war.
But the attacks on refineries could—if they can be sustained at the current pace—have far-reaching effects over the longer term. As Russian resilience is relentlessly tested, it is gradually being worn out. Although the units used to distil crude oil can be repaired relatively easily after every attack, they erode after the repeated cycles of heating and cooling caused by strikes. And as Russia’s oil industry grows more reliant on government interventions for crisis management, the energy sector will become state managed and less efficient. In truth, the real damage caused by Ukraine’s campaign is cumulative and institutional, not physical. Even as it strives to preserve short-term stability, Russia is presiding over the acceleration of long-term decline.
OIL RICH, FUEL POOR
Part of the challenge of assessing the effects of Ukraine’s strikes comes from the sheer size and complexity of Russia’s downstream oil sector. Russia currently has roughly 6.5 million barrels per day of refining capacity spread across about 40 refineries, with the biggest clusters in the
Volga region, the Urals, and around Moscow. Russia also exports on average two million barrels per day of oil products. Under ordinary circumstances the system has a fairly large cushion built in, even though fuel supplies can be constrained occasionally during periods of peak seasonal demand.
Swiss commodity trader Gunvor said on Thursday that it was scrapping its $22bn bid to buy Lukoil’s overseas assets after the US moved to block the deal.
The Treasury said in a post on X on Thursday that it would not grant a licence for Gunvor to operate Lukoil’s assets “as long as Putin continues the senseless killings” in Ukraine.
It described Gunvor, which was founded by a close ally of Russian President Vladimir Putin but has sought to distance itself from the country, as the “Kremlin’s puppet”.
Analysis: Xi Jinping eschews ‘wolf warrior’ diplomacy amid economic woes
This week’s “China Up Close” analyses Chinese leader Xi Jinping’s interactions with U.S. president Donald Trump during their recent summit. When the two met on Oct. 30 in Busan, South Korea, on the sidelines of the Asia-Pacific Economic Cooperation summit, Xi softened his hardline “wolf warrior” diplomatic stance. The two men eventually agreed to de- escalate their trade war.
Behind the change in Xi’s diplomatic style are economic woes at home. He needs to revitalize an economy suffering from a prolonged property market slump. Anticipating that any escalation of the trade war could further hurt domestic industry, Xi had no choice but to make bold concessions to Trump. The U.S. President’s visit to China, expected in April, now takes the spotlight as far as predicting the future course of Sino-
U.S. relations.
The US Supreme Court has expressed scepticism regarding Donald Trump’s sweeping global tariffs . Several justices questioned Trump’s
invocation of emergency legislation, suggesting that the president may have exceeded his authority. The tariffs are “an imposition of taxes on Americans, and that has always been the core competence of Congress,” Justice John Roberts stated on Wednesday during the nearly three-hour hearing. A ruling against Trump could force repayments of more than
$100 billion, significantly reducing the burden on US importers who pay the tariffs and simultaneously eliminating a key tool Trump has used against trading partners. However, he likely has alternative options. Meanwhile, due to the ongoing government shutdown in the US, Washington is now reducing air traffic to address staff shortages and increasing workloads among air traffic controllers. In 40 high-traffic markets, flight capacity will initially be reduced by 4%, later by 10%, to stabilize the system. International flights will remain unaffected.
It is 37 days today since the ‘Shutdown’ was put in place by Pres. Trump.
Effect:
Three of the US’s biggest airlines have announced hundreds of flight cancellations as the federal aviation regulator prepares to throttle capacity at dozens of American airports due to staffing shortages worsened by the government shutdown.
United Airlines said on Thursday it would cancel 4 per cent of flights on Friday, Saturday and Sunday. This would represent fewer than 200 cancellations on Friday, according to a statement emailed to the Financial Times.
American Airlines said it would scrap about 220 flights a day from Friday to Monday, also representing a reduction of 4 per cent. Delta Air Lines said it would cancel about 170 flights on Friday.
Alaska Air, the US’s fifth-biggest carrier, said it had begun cancelling a
“limited number of flights” on Friday.
The cancellations follow Wednesday’s announcement from the Federal
Aviation Administration that capacity at 40 “high volume” airports would
be cut by 10 per cent from November 7 to ease air traffic controllers’
workload, which has intensified due to the government shutdown.
The cuts mark the first widespread disruption for airlines as a result of the shutdown.
American Airlines, Delta and United said in statements that they expected to be able to operate the majority of their flights and that their long-haul international flights would not be affected.
Transportation secretary Sean Duffy said on Wednesday that prior to the government shutdown the air traffic control industry had been operating with a shortfall of about 2,000 people.
Controllers are among the hundreds of thousands of federal workers who have been furloughed since early October in the longest shutdown on record and have not been paid in recent weeks.
Duffy has said that some air traffic controllers were not turning up to work and instead taking “side jobs” to meet their household financial obligations, further stretching the resources of air control towers across the US.
The financial impact on airlines would increase if the government shutdown continues towards the Thanksgiving holiday and the traditional jump in travel.
Those who are working in the ATC across the Nation have been without pay checks for 37 days now.
Gaza Situation – The War is not over
Peace has broken out in the Middle East — at least the one that Donald Trump inhabits in his mind. For the first time in 3,000 years, all is well in the region. In Trump’s world, “there’s nothing tenuous” about the Gaza ceasefire and everyone wants to come on board the peace train
because “tremendous things” are happening. Israel and Saudi Arabia will soon be friends and Iran has capitulated. Like a self-help guru, the US president is trying to manifest a different Middle East with affirmations, hoping to speak it into existence.
The reality on the ground is less blissful. There are rising tensions, and a managed, rolling war with near-daily Israeli strikes and dozens killed in both Gaza and Lebanon. This barely makes international headlines, but since the Lebanon ceasefire a year ago, Israel has struck south Lebanon and the Bekaa Valley more than 500times, killing
over 300 people who Israel says were Hezbollah operatives. The UN confirmed at least 103 of those killed were civilians. More than 80,000 Lebanese have yet to return to their homes in the south while an estimated 30,000 residents of northern Israel are still displaced.
Hezbollah has confirmed only one attack against Israel since the ceasefire but has refused to disarm, and Israel has accused the group of rebuilding its military capacity.
The Lebanese government is on a collision course with either Washington, which is demanding that it forcibly disarm the militant group and negotiate with Israel, or with Hezbollah itself, which has shut down the idea of talks and threatened civil war if it’s forced to give up its weapons. Israeli Prime Minister Benjamin Netanyahu has threatened wider military action against Lebanon. Amid the deafening sound of Israeli drones flying over Beirut, the talk of the town is about when, not if, such an operation will happen and how big it will be.
Israel is replicating the rolling war approach in Gaza. Since the October 10 ceasefire that Trump essentially imposed on Netanyahu, at least 236 Palestinians have been killed in Israeli strikes. Admittedly, it’s better than all-out war, and the release of Israeli hostages after two years in captivity is cause for celebration. Displaced Palestinians have been able to go back home in Gaza, mostly to piles of rubble, and some aid is flowing in. But reconstruction, let alone peace, is far off and the
peacekeeping force that Trump announced as part of his 20-point plan for Gaza remains a nebulous project.
Most countries Trump said would participate, such as Qatar or Pakistan, have not committed yet; only Indonesia has. The next flashpoint could be Iraq. Secretary of defence Pete Hegseth warned Baghdad to rein in Shia militias amid reports that Iran was reinforcing them.
The only bright spot may be the visit to Washington of Saudi Crown Prince Mohammed bin Salman on November 18, his first since 2018. Soon after that, the murder of Saudi journalist Jamal Khashoggi made MBS a pariah for a few years, but the centrality of the kingdom to managing oil prices and advancing regional peace brought him back to the fold by 2022. MBS seems set to sign a security pact with the US.
But here, too, the dissonance between what Trump thinks he is achieving and the reality is great. He insists that Saudi Arabia will join the Abraham Accords. But Riyadh has made clear it will not establish ties with Israel without concrete progress towards a Palestinian state. In private, Saudi officials sometimes admit they don’t necessarily care much about the issue, which creates a false impression in Washington that Saudi Arabia may forgo this condition.
But MBS is not playing hard to get. He is acutely aware of the backlash he would provoke if he sidesteps the Palestinian cause and has cited the not-unreasonable threat of assassination. In 1977, after Egypt’s president, Anwar Sadat, made his surprise visit to Jerusalem, Middle East scholar Malcolm Kerr presciently warned that “separate deals in the Arab-Israeli conflict are always likely to come unstuck”.
Since then, Iran has embedded itself in that conflict, from Lebanon to Iraq and Gaza. Tehran’s proxies may be diminished but they and their patrons are not interested in playing the role of the defeated party. What makes the current moment more dangerous is that the US doesn’t have a coherent Iran strategy, aside from declaring victory after 12 days of
war this summer and claiming that Iran’s nuclear sites have been “obliterated”, which experts dispute.
The danger is that both Washington and Israel think they can achieve a grand Middle East peace by putting together all the small pieces — except the central Palestinian one — and silencing the rejectionists with more war.
The AI revolution spurred the most US job cuts for any October in more than two decades, outplacement firm Challenger, Gray & Christmas said. The last time companies made more layoffs during that month was in 2003, when the advent of cellphones was wielding similar disruption. Treasuries rose as traders boosted bets on a December rate cut, while the dollar headed for its biggest drop in three weeks.
German industrial production rose less sharply than expected in September, showing only a tentative recovery . According to the Federal Statistical Office, production increased by 1.3% compared to August; economists had predicted 3%. The previous month had seen a revised decline of 3.7%. The increase was primarily driven by the automotive industry, whose production rose by 12.3%. Economists see this merely as a cyclical resurgence from a low base. ING expert Carsten Brzeski spoke of “weak signs of life.” Higher government spending and the ECB’s interest rate cuts could stimulate the economy in the future. Chancellor Friedrich Merz expects growth rates to exceed 1% again from 2026 onward, but warned that the progress made so far is insufficient. The Ministry of Economic Affairs still sees no turnaround, as energy-intensive sectors such as chemicals, glass, and paper are stagnating or reporting declines. Business in the construction sector contracted more sharply in October, as shown by the corresponding S&P Purchasing Managers Index, which plummeted from 46.2 in September to 42.8.
Staying in Britain, the country’s biggest business lobby cautioned Rachel Reeves against a series of new tax hikes as she prepares her budget, saying that “death by a thousand taxes” won’t deliver a thriving
economy. Nigel Farage’s Reform UK is drawing up plans for a shake-up of financial regulation, taxation and pensions to win over the City.
Corporate roundup: A judge denied Pfizer’s request to temporarily block Novo Nordisk’s $10 billion bid to acquire Metsera. SoftBank is said to have explored a potential takeover of Marvell Technology earlier this year in what would have been the semi-conductor industry’s largest-ever deal. And UK-based Arm gave a bullish revenue forecast, helped by growing interest in designing chips to run AI data centers.
Trump Officials to Cut Air Traffic at 40 Major Airports if Shutdown Continues
The plan, which officials said was intended to help air traffic controllers, could force the cancellation of thousands of flights as the administration seeks to pressure Democrats to end the shutdown.
The Trump administration announced on Wednesday that it would cut 10 percent of air traffic at 40 of the nation’s busiest airports, in a move that analysts said would force airlines to cancel thousands of flights while the administration tries to push Democrats to end the government shutdown.
The indispensable Erdogan. “His foreign policy partnerships, especially with the West, have given him the political cover and economic lifeline to tighten his grip on power just as he moves to dismantle the last remaining pillars of Turkish democracy.”
Sudan is in free fall. “The militia’s campaign of annihilation has closed in on hundreds of thousands of people trapped in the region, risking the further expansion of one of the greatest mass killings of this century.”
Why It Will Be Hard for Five Justices to Bless Trump’s
Tariffs
On Wednesday the Supreme Court heard oral arguments about the legality of President Trump’s tariffs. Earlier this week, the President said that “if a President was not able to quickly and nimbly use the power of Tariffs, we would be defenceless, leading perhaps even to the ruination of our Nation.”
The outcome has vast implications — for the global economy, American businesses, the government’s budget and consumers, not to mention implications for the separation of powers of the federal government.
Some legal scholars have argued that the administration exceeded its authority in enacting the tariffs without authorization from Congress. Jack Goldsmith, a Harvard Law School professor and former top Justice Department lawyer under George W. Bush, maintained in September that the case is a close call. In an online interview, John Guida, an editor in Times Opinion, dug into the case with Goldsmith — and what oral arguments revealed about the justices’ thinking on it.
John Guida: When the Supreme Court agreed to take the tariff case, you suggested that it was close — but that President Trump had the better argument and should win on what you called pure legal grounds. Before we dig into Wednesday’s oral arguments, can you explain why?
Jack Goldsmith: The International Emergency Economic Powers Act (IEEPA) gives the President very broad economic powers, including the authority to “regulate” the “importation” of foreign property, in order to deal with an “unusual and extraordinary threat” from outside the United States.
The central issue is whether the president’s authority to “regulate” “importation” of goods includes the power to impose tariffs on the goods. It is natural to read tariffs as a form of regulating imports. And in fact, a lower federal appeals court interpreted those very words in 1975 to uphold a 10 percent import duty that President Richard Nixon imposed under the predecessor law to IEEPA. When Congress passed IEEPA in 1977, it kept the same “regulate” “importation” language in the statute. A congressional report on IEEPA indicated that lawmakers were aware of the earlier court interpretation of “regulate” “importation” in passing IEEPA.
President Trump determined that the tariffs were needed in order to deal with the “unusual and extraordinary threat” of illicit drug inflows and global trade imbalances. This understanding of “threat” is well within presidential practice, and a president typically receives significant deference from courts on such determinations.
Let’s turn to Wednesday’s oral arguments. The word “sceptical” (or variations of it) comes up in a lot of reporting to characterize the justices’ questioning of the government. Did anything surprise you or change the way you are thinking about the case?
I think that it is fair to say that the justices the government needs to win the case — Chief Justice John Roberts and Justices Neil Gorsuch and Amy Coney Barrett — asked the government very hard questions that did express scepticism about important elements of its case. But they also asked the other side very hard questions. I do not think any of these three tipped off their hands definitively. I did not find anything terribly surprising in the questions.
Europe’s economy and you’ll hear the same refrain:
Europe has a competitiveness problem. But how to avoid the threat of what former European Central Bank chief Mario Draghi memorably dubbed the “slow agony” of European decline is another matter.
EU Economy Commissioner Valdis Dombrovskis signalled the EU’s willingness to accommodate concerns about its environmental, social and governance rules, amid a growing backlash from business internationally.
“Obviously as the European Union, we retain our regulatory autonomy,” he said. “On the other hand, of course, we also need to listen and acknowledge concerns which various partners around the world are having, and reflect on the implications.”
His comments follow a barrage of complaints about the EU’s corporate sustainability reporting and due diligence directives, known in EU- parlance as the CSRD and CSDDD. The European Commission, the bloc’s executive arm, has already proposed that these regulations be scaled-back as part of its “simplification drive,” though the European Parliament has yet to back the plan.
In any event, the rules are still set to apply to companies outside the bloc if they do business inside the EU, and could result in hefty fines.
The US and Qatar warned last month in an open letter that energy exports into Europe could be at risk if the bloc presses ahead with the Corporate Sustainability Due Diligence Directive in its current form.
If “CSDDD is not amended or cancelled, we will not be sending LNG to Europe, that’s for sure,” Qatar’s Minister of Energy Affairs HE Saad Bin Sherida Al-Kaabi wrote on X. The American ambassador to the EU, Andy Puzder, who helped spur the anti-ESG movement in the US, previously told Bloomberg the “draconian pieces of legislation,” need to be repealed.
Business organizations representing companies based in Korea, Japan, India, Australia and the US have also warned that the EU is risking “unintended legal and economic barriers.”
AD Ports buys into Syria’s Latakia terminal in CMA CGM
deal
AD Ports Group has struck a deal with France’s CMA CGM Group to acquire a 20% stake in Latakia International Container Terminal (LICT), Syria’s main container facility, for AED 81m ($22m).
Under the agreement, the Abu Dhabi-based ports and logistics group will join CMA CGM in the management and future expansion of the terminal, which handles over 95% of Syria’s container traffic, including agricultural exports and industrial goods.
CMA Terminals, a CMA CGM subsidiary, has operated LICT since 2009 and earlier this year signed an amended 30-year concession agreement. Current annual capacity stands at around 250,000 teu, with expansion plans to lift throughput to 625,000 teu by 2026.
AD Ports said the partnership will focus on modernising infrastructure, upgrading digital systems and improving operational efficiency, with the aim of restoring Latakia’s position as a key Eastern Mediterranean gateway.
“We are pleased to broaden our long-standing partnership with CMA CGM Group,” said Mohamed Juma Al Shamisi, managing director and Group CEO of AD Ports, adding: “This strategic agreement reflects the growing collaboration between our organisations and supports the region’s long- term trade and economic growth.”
The move builds on a deepening alliance between the two groups. In December 2024, the duo inaugurated CMA Terminals Khalifa Port, an
$845m joint venture terminal in Abu Dhabi, followed by a shareholders’ agreement in February 2025 to jointly develop the New East Mole terminal in Pointe-Noire, Republic of the Congo.
AD Ports’ feeder shipping arm, GFS, is also planning new East
Mediterranean services that would include calls at Latakia.
Geneva Dry: Coal’s wildcard role
Geneva Dry, the world’s premier commodities shipping conference, is set to return to the Hotel President Wilson on the shore of Lake Geneva on April 28 and 29 next year with many of dry bulk’s biggest names set to take the stage.
As well as tech-focused panels, organisers have created commodity-
specific sessions with coal being one of the event’s regular big hitters.
Data shows that coal remains dry bulk’s second most shipped commodity after iron ore, with a record 1.37bn tonnes shipped last year, split 77% thermal and 23% coking. Growth in imports to China, India, and ASEAN is compensating for declining demand from Europe.
The strength in thermal coal flows has been concentrated in East Asia recently, where demand has remained firm since surging in August, according to Signal Ocean Platform. In China, restrictions on domestic coal production have tightened supply, keeping it lower than last year’s production, and pushed domestic prices higher, enhancing the relative competitiveness of imported coal.
Though short of the Q4 2024 peaks, September was the highest month of 2025 for Chinese coal imports and very close to the year-ago level.
A recent report from Commodore Research & Consultancy noted that China’s coal-derived electricity is faring better than domestic coal production again. Prior to July, China’s coal-derived electricity had fared worse than domestic coal production for nine straight months.
“This shift, combined with the overall importance of stockpiling in a time of great global tension, is leading to robust Chinese import demand at present. This tailwind is set to continue.”
At the same time, robust manufacturing and power generation activity across other East Asian economies, notably South Korea and Japan, has sustained regional import demand. South Korea saw imports of thermal coal up 47% year-on-year in September, and Japan’s imports were up 5% year-on-year, according to data from Signal.
Signal analysts suggest the short-term demand picture for thermal coal is positive. China will continue to restrict output from its domestic coal mines, limiting supply at a time when the East Asian region heads into winter and there is typically higher power demand. Australia is tipped by Signal as the most likely to step in and supply the coal, as we have already seen thermal coal exports surge by 21% in September, heading mostly to East Asia.
Seaborne coal dynamics are being buffeted by another commodity that
will be discussed at length at next year’s Geneva Dry summit.
“Guinea bauxite is increasingly taking tonnage that coal used to fill on capes, with more coal now moving down to Panamaxes. This cargo reshuffling is having ripple effects across the entire bulker spectrum,” said Rebecca Galanopoulos, senior content analyst at Veson Nautical.
Looking longer term, global shipping organisation BIMCO is forecasting coal shipments will decline 4.9% between 2025 and 2027 as electricity generation from renewable sources continues to expand, particularly in China, Europe and India. Furthermore, BIMCO argues that the global steel demand outlook is weak, contributing to limited demand for iron ore and coking coal.
Panellists at Geneva Dry will debate this outlook, questioning whether the world has reached peak coal.
“Going forward, tight supply and weather-driven demand will likely make
coal the wildcard of dry bulk freight, with volatility rising”.
Somali pirates board tanker in deepwater attack
A Malta-flagged products tanker has been boarded by armed pirates in the Indian Ocean.
According to maritime security specialists Vanguard Tech and Ambrey, the Hellas Aphrodite was attacked early today, approximately 549 nautical miles east-southeast of Hobyo, Somalia, far beyond the traditional high-risk area. The 50,000 dwt vessel, en-route from Sikka, India, to Durban, South Africa, came under fire from a skiff launched
from a suspected Iranian-flagged mothership, identified as the Issamohahmdi.
The pirates reportedly opened fire on approach before boarding the tanker. The vessel, which did not have an armed security team onboard, was seen altering course and speed at 06:44 UTC, roughly 546 nautical miles offshore Somalia. Another nearby tanker diverted away from the area following the attack.
The mothership involved — the Issamohahmdi — was reportedly hijacked in recent weeks and has since been linked to three prior incidents off the Somali coast. The dhow’s AIS last transmitted about 560 nautical miles offshore.
This latest assault comes just three days after the Stolt Sagaland, a Cayman Islands-flagged chemical tanker operated by Stolt Tankers, was attacked 332 nautical miles southeast of Mogadishu. In that case, four armed men in a skiff opened fire before being repelled by the vessel’s onboard security team.
The EU NAVFOR Atalanta operation has since raised the regional threat level, warning that a pirate action group (PAG) — likely operating from the hijacked Iranian dhow — remains active in the central Indian Ocean.
Private security firms have urged merchant vessels to maintain heightened vigilance and strictly follow BMP5 protection measures, warning of a “realistic possibility of further suspicious approaches” in the coming days.
The boarding of the Hellas Aphrodite marks a worrying escalation in the re-emergence of Somali piracy, with attacks now occurring hundreds of miles from shore, in waters that had been largely calm for the past five years.
Scorpio Tankers refreshes MR fleet with sale and newbuild swoop
Scorpio Tankers is reshuffling its MR product tanker lineup, agreeing to sell four existing vessels while snapping up four modern new-buildings set to join its fleet in 2026 and 2027.
The Monaco-headquartered company, has signed deals to sell four 2014-built, scrubber-fitted MRs — STI Battery, STI Venere, STI Milwaukee and STI Yorkville — for $32m each. The transactions are expected to close in the first quarter of 2026.
The vessels are financed under Scorpio’s $225m revolving credit facility, with around $7.3m of debt outstanding per ship. In parallel, Scorpio has agreed to buy four MR scrubber-fitted newbuilding resales currently under construction at Jingjiang Nanyang Shipbuilding in China. Each vessel will cost $45m, with deliveries staggered between the second quarter of 2026 and the second quarter of 2027.
Shipbuilding databases show Yangzijiang Financial Holding and EGPN Bulk Carrier with similar newbuilds lined up at the yard.
The move aligns with Scorpio’s ongoing fleet renewal plan, maintaining the company’s modern profile while optimising capital efficiency.
“The sale of older MR vessels, together with the acquisition of modern, scrubber-equipped new-buildings, enhances the fleet’s age profile and overall quality while requiring minimal incremental capital expenditure,” he said.
The New York-listed company operates a fleet of 99 product tankers, comprising 38 LR2s, 47 MRs, and 14 handymaxes, with an average age of 9.5 years. Scorpio has been active on both sides of the sale and purchase market this year, agreeing to dispose of five MR’s and two LR2’s.
Sanctioned LPG fleet swells in October but impact remains to be seen
Designation of 14 LPG carriers in October means over 40% of Iran-trading LPG fleet is under US sanctions.
Impact on the Iran-trading fleet will be made clearer in the coming weeks Iran’s estimated LPG loadings in October down consecutively for third straight month, but up year over year.
The US announced sweeping sanctions on Iran’s LPG shadow fleet last month, bringing the total of Iran-trading LPG carriers designated by Ofac
to over 40%. Whether that impacts Iran’s LPG supply chain remains to be seen.
LOADINGS of Iranian-origin liquefied petroleum gas exceeded 800,000 tonnes in October, capping a third consecutive month of declines but a 16% year-on-year growth, according to Lloyd’s List analysis of Lloyd’s List Intelligence vessel-tracking data, and cargo data from Vortexa.
On a year-to-date basis, loadings in Iran are up by about 9%, while the
fleet shipping Iranian LPG grew 7% by dwt, Lloyd’s List estimates.
Iran’s LPG sector has come under increasing scrutiny under the Trump administration as part of its “maximum pressure 2.0” on Iran.
On October 9, the US Treasury Department announced its most sweeping action against Iran’s LPG sector and the shadow fleet* facilitating its exports, targeting 14 LPG carriers, of which 11 are very large gas carriers that mainly trade on the Iran-China route.
It remains to be seen whether the designations, which brought the total of Iran-trading LPG carriers blocked under US sanctions to over 40% by dwt, will have a substantial impact on Iran’s LPG exports.
Monthly loadings of Iranian LPG November 2023-October 2025
US sanctions raise roadblocks and complicate logistics, but Tehran is adept at skirting them, courtesy of opaque networks of intermediaries, the shadow fleet and buyers willing to swallow the risk in exchange for steeply discounted barrels.
Iran’s crude exports nosedived after US President Donald Trump reimposed sanctions during his first term, but have steadily increased since as the shadow fleet grew and Tehran’s circumvention tactics and mechanisms evolved.
But the new focus on LPG may prove more challenging to adapt to, at least in the short term. Iran’s LPG is shipped more efficiently than its crude oil, although Tehran has been able to optimise its crude export logistics in recent months. Still, an Iranian crude oil cargo will likely undergo several STS transfers before reaching its customers. LPG typically takes a more direct route, undergoing one STS transfer if any (lightering operations notwithstanding).
Complicating Iran’s LPG supply chains with additional transfers will add costs and likely slow deliveries. However, the extent to which the fresh sanctions will have an impact on these vessels’ tradability is still unknown
— at least three of the vessels sanctioned last month have discharged cargoes in China since their designation, according to Vortexa.
The effect of October’s action on volumes should become clearer in the
coming weeks and months.
Number and dwt of LPG carrier designations, 2022-2025 (YTD)
Lloyd’s List Intelligence’s LPG shadow fleet stands at 117 vessels totalling nearly 4m dwt, including 108 that carried Iranian cargoes in 2025. There are 44 sanctioned LPG carriers, of which 41 are active in Iran trades; the remaining three are the Houston-stranded Tinos I (IMO: 9969821) — which has never lifted a cargo — and two LPG carriers sanctioned for Hezbollah links.
United Arab Emirates-based ship-managers accounted for almost 25% of the fleet, more than any other nation, according to Lloyd’s List Intelligence data. India was second at 14.5%.
P&I insurance for about half of the non-sanctioned vessels in the fleet is unknown, with the other half insured with Western providers, primarily fixed-premium.
While it is common to see LPG carriers spoofing the AIS in the Middle East Gulf to hide loadings of Iranian cargoes, Lloyd’s List has recently reported on an increasing rise in gas carriers spoofing
in the Baltic to hide loadings in Russia — the reasons for which are not entirely clear.
Russian LPG is not subject to the same prohibitions on provision of services under the G7 Price Cap mechanism on Moscow’s crude and refined products.
The EU had banned some LPG imports in December 2024 and announced more restrictions in the 19th sanctions package last month, but none of the cargoes lifted by the Russia-loading, AIS-spoofing LPG carriers was delivered to Europe.
As no sanctions are apparently being circumvented by these vessels, it is unclear why they engage in AIS manipulation.
Lloyd’s List defines an LPG carrier as being part of the LPG Shadow Fleet if it engages in one or more deceptive shipping practices, or if it is sanctioned by the US, UK or EU.
UK Club demands large rate hifie
Double-digit percentage jump in deductibles for members Marine mutual’s financial performance ‘in line with projections’ But pool claims trend not looking happy.
Third P&I insurer confirms substantial general increase next February.
Hapag-Lloyd inks newbuilding contracts for up to 24 feeder ships
Liner company poised to order methanol dual-fuelled vessels in $1.5bn play.
Hapag Lloyds has shifted its newbuilding focus from large Container ships to Feeder vessels, placing two orders totalling around $1.58bn.
Multiple shipbuilding players said Hapag-Lloyd has inked provisional newbuilding contracts with two shipyards in China for feeder ships of between 3,500-4,500 teu capacities.
MSC and CMA CGM spread fear as second-hand tonnage dries up
With tonnage increasingly concentrated in the hands of major liner operators, the balance of power is being redrawn.
An unprecedented boxship buying spree by two leading liner operators is “drying up” the market and altering the traditional supply-demand equation.
MSC Mediterranean Shipping Company and CMA CGM are not just buying vessels to hit market share targets, a conference in Hamburg was told.
“They’re actually drying out the market,” Folk Maritime chief executive Poul Hestbaek told the fifth Capital Link German Maritime Forum on Wednesday.
d’Amico International Shipping says ‘drift’ of refinery
capacity to Asia is key for product tankers
Western sanctions also important driver of tonnage tightness, Italian owner says.
Italy’s d’Amico International Shipping (DIS) is bullish on market fundamentals for product tankers.
The Milan-listed MR tanker specialist said its net result in the third quarter was $24.3m, compared with $40.2m a year ago, as rates came off record levels.
Maersk shares fall as liner giant faces ‘challenging’ 2026,
analysts say
Earnings peak has passed, Fearnley Securities says. AP Moller-Maersk shares have fallen sharply amid concerns over earnings in the coming year. Shares at one point dropped 7.5% in Copenhagen.
Xi Jinping’s World of Treachery and Sacrifice
Last week’s meeting between Donald Trump and Xi Jinping may have brought a respite in the trade war. But it hardly touched the more fundamental drivers of U.S.-Chinese rivalry, a rivalry that has come to shape more and more dimensions of geopolitics, the global economy, and beyond.
Few have spent as much time observing and chronicling the interactions between Washington and Beijing as Orville Schell. Schell, one of America’s foremost China hands and the author of too many books on China to name, has been in the room for encounters between a slew of American Presidents and Chinese Leaders. He has also, for decades, interpreted the bitter factional struggles and geopolitical jockeying of the Chinese Communist Party. And as Xi’s attempt to remake the Chinese state continues, Schell has mined China’s history and its present for insight—into how the country thinks of its place in the world, and into the unresolved contradictions that continue to roil the party. “Peek behind the veil,” Schell writes in the latest article, “and a different reality reveals itself: a dog-eat-dog world of power struggles, artifice, hubris, treachery, and duplicity—yet also an enormous amount of sacrifice.”
China Against China
Xi Jinping Confronts the Downsides of Success
Thirteen years after Xi Jinping ascended to the top of China’s leadership hierarchy, observers in Washington remain deeply confused about how to assess his rule. To some, Xi is the second coming of Mao, having accumulated near-total power and bent the state to his will; to others, Xi’s
power is so tenuous that he is perpetually at risk of disgruntled elites ousting him in a coup. Xi’s China is either a formidable competitor with the intent, resources, and technological prowess to surpass the United States or an economic basket case on the verge of implosion.
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All Rights in material and information in this document is reserved. Any form of reproduction or distribution of the information contained in this by any means whether electronic or otherwise is expressly prohibited including distribution by re- producing it anywhere.
I do not guarantee the adequacy, accuracy, timeliness, and/or completeness of the Data or any component thereof or any communication (written, oral, electronic, or other format). The writer shall not be subject to any damages or liability, including but not limited to any indirect, special, incidental, punitive, or consequential damages (including but not limited to, loss of profits, trading losses, and loss of goodwill).
The data provided here is sourced from various news media, bulletins and reports from various sources to which I do not have any claim.
Any user of the Data should not rely on any information and/or assessment contained therein in making any investment, trading, risk management or other decision.
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